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allieggg

Oil Extends Drop on Libyan Field Restart, OPEC Outlook - Bloomberg - 1 views

www.bloomberg.com/...-rise-less-than-predicted.html

militias oil bloomberg field armed groups war middle east OPEC

shared by allieggg on 14 Nov 14 - No Cached
  • Libya should resume pumping “soon” at Sharara, its biggest-producing oil field prior to the disruption, following an attack yesterday, an official said.
  • “The Sharara disruption highlights the current chaos in Libya, and also how fragile the production is.”
  • climbed $1.49 to $78.68 a barrel yesterday.
  • allieggg on 14 Nov 14
     
    This article basically highlights the significance of Libyan oil fields in terms of the international community. Chaos in Libya not only affects the eastern region, but all OPEC members and importers of crude oil across the globe. After the recent attacks on Sharara, the biggest field in Libya, production has significantly slowed down. Libya's elected parliament assures the global community that they will resume normal outputs soon, but as the country deepens further into civil war, international actors remain skeptical.
wmulnea

OPEC and oil prices: Leaky barrels | The Economist - 1 views

www.economist.com/...dermining-cartel-leaky-barrels

shared by wmulnea on 05 Feb 15 - No Cached
  • OPEC, which produces about a third of the world’s daily consumption of 90m barrels of crude oil
  • cartel
  • anti-glut group
  • ...6 more annotations...
  • the country will produce 14m barrels a day (b/d) next year, on a par with Saudi Arabia
  • Iraqi oil exports, stricken by the war and its aftermath, are also set to increase.
  • Libya could be another source of production: its exports have collapsed to only a few hundred thousand barrels a day, against 1.6m in June last year.
  • OPEC’s best hope is continued American protectionism. Any easing of the restrictions on the export of liquefied natural gas (LNG) or crude will exert more downward pressure on the oil price.
  • But that would cede market share to their hated rivals, Iran and Iraq.
  • America’s domestic production of crude (and gas, which displaces some oil) is rocketing.
  • wmulnea on 05 Feb 15
     
    This article briefly addresses the current global petroleum market, outlining the top national producers and their current import/export strategies. The article is a good overview of the global politcs affecting oil prices.
aavenda2

Saudi Arabia keeps May crude supply to Asia steady - 0 views

af.reuters.com/...idAFL4N0X700U20150413

Saud Oil Sale Asia

shared by aavenda2 on 13 Apr 15 - No Cached
  • aavenda2 on 13 Apr 15
     
    Saudi will supply full contracted volumes of crude oil to at least two Asian term buyers in May
aavenda2

Saudi Arabia's Muhanna Sees Oil Recovering From 'Temporary' Drop - 0 views

www.bloomberg.com/...d-is-temporary-saudi-s-muhanna

Saudi Oil Future

shared by aavenda2 on 09 Apr 15 - No Cached
  • aavenda2 on 09 Apr 15
     
    An article of Saudi oil leaders projecting their optimistic views on the future of the oil economy. + a very interesting quote "Saudi Arabia sets its crude prices based on refining margins and not politics, al-Muhanna said."
wmulnea

Isis threatens future oil supplies, warns IEA - FT.com - 0 views

www.ft.com/...59-11e4-a1a9-00144feabdc0.html

shared by wmulnea on 02 Mar 15 - No Cached
  • Mr Birol said instability in the Middle East, and especially in Iraq, had “major implications” for oil markets.
  • Iraq has the world’s third-largest reserves of conventional oil
  • the government in Baghdad and the Kurdistan Regional Government in Erbil, which are usually at loggerheads, this month agreeing a temporary deal for crude exports and revenue sharing
  • ...4 more annotations...
  • Iraq’s oil production has fallen only 10 per cent this year.
  • the rapid ascent of Isis has raised questions about the country’s security, adding to international companies’ concerns about regulatory, environmental and budget problems.
  • Poor roads and transport infrastructure were adding to security concerns and hence costs, he added.
  • Mr Birol said it was highly unlikely that US crude production could meet the expected increase in global demand, even if shale oil production continued to outpace forecasts as it has done in recent years.
hkerby2

Syria War: What Are Barrel Bombs and Why Are They So Deadly? - NBC News - 0 views

www.nbcnews.com/...-bombs-why-are-they-so-n303631

syria barrel bomb UN President Bashar al-Assad

shared by hkerby2 on 09 Mar 15 - No Cached
  • hkerby2 on 09 Mar 15
     
    This article states what I have seen many times that President Bashar Assad denies the use of barrel bombs. This link goes into the fact that barrel bombs are crudely made and are indiscriminate killers. The bombs have killed thousands of people but the UN is still waiting to take action.
hkerby2

BBC News - Syria barrel bombs 'kill dozens in Islamic State areas' - 0 views

www.bbc.com/...world-middle-east-30603679

news syria barrel bombs Iraq

shared by hkerby2 on 09 Mar 15 - No Cached
  • hkerby2 on 09 Mar 15
     
    The article begins talking about Syrian aircrafts dropping barrel bombs on Islamic State-held areas in the north-east. The bombing killed around 40 people. Although the bombs are crudely made they are very dangerous and deadly as shown throughout recent events in both Syria and Iraq.
wmulnea

Saudis block OPEC output cut, sending oil price plunging | Reuters - 0 views

uk.reuters.com/...-meeting-idUKKCN0JB0M420141127

shared by wmulnea on 05 Feb 15 - No Cached
  • This outcome set the stage for a battle for market share between OPEC and non-OPEC countries, as a boom in U.S. shale oil production and weaker economic growth in China and Europe have already sent crude prices down by about a third since June.
  • Saudi Arabia blocked calls on Thursday from poorer members of the OPEC oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude plunging to a fresh four-year low.
  • "It is a new world for OPEC because they simply cannot manage the market anymore. It is now the market’s turn to dictate prices and they will certainly go lower," said Dr. Gary Ross
  • ...6 more annotations...
  • and Algeria had calling for output cuts of as much as 2 million bpd.
  • The wealthy Gulf states have made clear they are ready to ride out the weak prices that have hurt the likes of Venezuela and Iran
  • hoped that lower prices would help drive some of the higher-cost U.S. shale oil production out of the market.
  • The Organization of the Petroleum Exporting Countries accounts for a third of global oil output.
  • A price war might make some future U.S. shale oil projects uncompetitive due to high production costs, easing competitive pressures on OPEC in the longer term.
  • "We interpret this as Saudi Arabia selling the idea that oil prices in the short term need to go lower, with a floor set at $60 per barrel, in order to have more stability in years ahead at $80 plus," said Olivier Jakob from Petromatrix consultancy.
  • wmulnea on 05 Feb 15
     
    This article suggests that OPEC is losing control of global oil prices. The article addresses budget considerations for smaller OPEC producers, like Venezuela, and the battle over market share between OPEC and gulf producers.
aavenda2

'Saudi production boost, Iran deal: How crude prices will change?' - RT Op-Edge - 0 views

rt.com/...prices-production-saudi-arabia

saudi crude prices iran

shared by aavenda2 on 11 Apr 15 - No Cached
  • aavenda2 on 11 Apr 15
     
    There are risks that oil price might go down, including if the Iran nuclear deal works out and sanctions are lifted
aavenda2

Saudis begin strikes, crude oil spikes - South Bend Tribune: Business - 0 views

www.southbendtribune.com/...d5-5370-a8a7-4a6fb72b0201.html

Saudi Arabia strikes oil

shared by aavenda2 on 30 Mar 15 - No Cached
  • aavenda2 on 30 Mar 15
     
    This article provides a closer look at the actual conflicts that are taken place in Yemen & Saudi, but more importantly, their effects on the recent price spike of oil prices.
aavenda2

Iran's crude oil prices rise 6% - 0 views

customstoday.com.pk/irans-crude-oil-prices-rise-6

oil prices

shared by aavenda2 on 30 Mar 15 - No Cached
  • aavenda2 on 30 Mar 15
     
    This article provides an inside look at the effects of prices in the oil market as a whole comparing US, Saudi, and other countries
ralqass

Oil Crisis: Can Saudi Arabia Break Its Addiction And Save The Economy From Plunging Cru... - 0 views

www.ibtimes.com/-plunging-crude-prices-2262134

shared by ralqass on 09 Feb 16 - No Cached
  • ralqass on 09 Feb 16
     
    Analysts are skeptical the kingdom, the world's top oil exporter, can diversify its economy, given its past struggles.
fcastro2

Syria crisis: Russia and China step up warning over strike - BBC News - 0 views

www.bbc.com/...world-us-canada-23845800

syria russia china politics US

shared by fcastro2 on 08 Apr 15 - No Cached
  • Russia and China have stepped up their warnings against military intervention in Syria, with Moscow saying any such action would have "catastrophic consequences" for the region
  • The US and its allies are considering launching strikes on Syria in response to deadly attacks
  • The US said there was "undeniable" proof of a chemical attack
  • ...23 more annotations...
  • UN chemical weapons inspectors are due to start a second day of investigations in the suburbs of Damascus
  • UN team came under sniper fire as they tried to visit an area west of the city
  • US officials said there was "little doubt" that President Bashar al-Assad's government was to blame
  • Russian foreign ministry spokesman Alexander Lukashevich has called on the international community to show "prudence" over the crisis and observe international law.
  • Attempts to bypass the Security Council, once again to create artificial groundless excuses for a military intervention in the region are fraught with new suffering in Syria and catastrophic consequences for other countries of the Middle East and North Africa
  • US said it was postponing a meeting on Syria with Russian diplomats, citing "ongoing consultations" about alleged use of chemical weapons in Syria
  • The two sides had been due to meet in The Hague on Wednesday to discuss setting up an international conference on finding a political solution to the crisis
  • Western powers were rushing to conclusions about who may have used chemical weapons in Syria before UN inspectors had completed their investigation
  • Both the Syrian government and rebels have blamed each other for last Wednesday's attacks
  • Medical charity Medecins Sans Frontieres said three hospitals it supported in the Damascus area had treated about 3,600 patients with "neurotoxic symptoms", of whom 355 had died
  • UK is making contingency plans for military action in Syri
  • Earlier in the day, the UN convoy came under fire from unidentified snipers and was forced to turn back before resuming its journey
  • In the most forceful US reaction yet, US Secretary of State John Kerry on Monday described the recent attacks in the Damascus area as a "moral obscenity
  • Syrian government had something to hide
  • What we saw in Syria last week should shock the conscience of the world. It defies any code of moralit
  • President Obama believes there must be accountability for those who would use the world's most heinous weapons against the world's most vulnerable peopl
  • Analysts believe the most likely US action would be sea-launched cruise missiles targeting Syrian military installations.
  • the West had not produced any proof that President Assad's forces had used chemical weapons
  • some Western countries that military action against the Syrian government could be taken without a UN mandate
  • Mr Lavrov said the use of force without Security Council backing would be "a crude violation of international law
  • an international military response to the suspected use of chemical weapons would be possible without the backing of the UN
  • The UN Security Council is divided, with Russia and China opposing military intervention and the UK and France warning that the UN could be bypassed if there was "great humanitarian need".
  • if the West does not intervene to support freedom and democracy in Egypt and Syria, the Middle East will face catastrophe
  • fcastro2 on 08 Apr 15
     
    After Western powers suspected that the Syrian government used chemical weapons against the Syrian people, tensions grew against them and Russia, China, and Syria. The Eastern Powers believe that Western powers are overstepping their bounds for their need of power but the Western powers think that they need to interfere to help the people. 
wmulnea

How ISIS Is Wrecking Iraq's Biggest Industry - Business Insider - 0 views

www.businessinsider.com/-iraqs-biggest-industry-2014-9

shared by wmulnea on 02 Mar 15 - No Cached
  • The Islamic State has taken over several oil-producing areas in Iraq and Syria, raising fears that the group could leverage its hydrocarbon wealth to the point of economic self-sufficiency.
  • ISIS is indeed producing between 25,000 and 40,000 barrels of oil a day
  • about as much as Poland, Germany, or New Zealand.
  • ...8 more annotations...
  • its oil is of poor quality, and ISIS is likely having trouble transporting it.
  • ISIS is only capable of moving its oil by truck, suggesting that the group hasn't mastered the use of northern Iraq's oil pipeline system.
  • Some experts have estimated that ISIS brings in up to $3 million in revenue each day.
  • Ben Lando of Iraq Oil Report told the Post that ISIS's daily revenue might actually be as low as $250,000 a day.
  • Iraqi fields "are so small and the crude of such poor quality that international companies did not bid to develop them
  • ISIS, which nearly seized a refinery outside of Baghdad in June, is interrupting the one industry that makes Iraq viable not just as an economy, but as a political unit as well.
  • In 2012, the International Energy Agency predicted a nearly 500% increase in Iraqi oil revenue by 2020, and concluded that revenue would double during that period even in a worst-case scenario:
  • its ability to disrupt Iraq's leading industry denies the country of much of its economic potential while degrading vital infrastructure.
wmulnea

Oil and Terror: ISIS and Middle East Economies - 0 views

www.investopedia.com/...-and-middle-east-economies.asp

shared by wmulnea on 02 Mar 15 - No Cached
  • ISIS's economic cost is significant not just for Iraq but also other Middle Eastern countries.
  • Iraq has the fifth largest oil reserves in the world and third highest in the Middle East after Saudi Arabia and Iran.
  • Part of ISIS's rise in Iraq can be attributed to sectarian politics.
  • ...15 more annotations...
  • part of their dissatisfaction came from the distribution of oil revenues. 
  • The mismanagement of oil revenues is also manifest in Iraq's poor infrastructure
  • Though currently the Iraqi government has reserves and surplus funds, mounting expenditures and falling oil prices has economists to project that Iraq will run a deficit next year.
  • it is running a self-sustaining economy, making it the world's richest terror group.
  • Thankfully, 6 of 8 Iraq’s major oil fields lie in the Shia South, which is unlikely to come under ISIS control.
  • It sells crude at a steep discount, at a rate of USD $30 per barrel
  • Turkey runs a huge trade surplus with Iraq, which is likely to slow down dramatically due to lower demand from Iraq.
  • Jordan and Lebanon, which have both absorbed a large number of refugees.
  • Iran’s position seems to be the trickiest of all in that its interests align with those of the US in its fight against ISIS
  • Falling oil prices have definitely curtailed Iran’s ability to intervene without serious consequences for its economy. Iran needs oil prices well above USD $100 for it to balance its budget,
  • Any cooperation between Iran and the US over ISIS could lead to a gradual withdrawal of sanctions, which would allow Iran to sell its oil on the open market and generate revenue. The flip side is that Iran’s oil would surely depress oil prices further.
  • Saudi's allegiances have become muddled.
  • it finds its interests are aligned with those of Iran, a traditional foe, both of which are against ISIS.
  • Russia needs oil prices near USD $100 to balance its budget and Iran needs high oil prices to support its nuclear program.
  • Regionally, ISIS will disrupt and degrade the economy of several states, and that in turn may lead to further political chaos -- which is precisely ISIS's goal.
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